By Marisa Wong
Los Angeles, Jan. 28 – TalkTalk Telecom Group plc priced a £110 million add-on to its 3 7/8% senior notes due 2025 (B+) at 97.625, according to a company announcement.
After being oversubscribed, the deal was upsized from a previously announced £100 million.
The notes will be consolidated and treated as a single class with the company’s outstanding £575 million 3 7/8% senior notes due 2025 issued in February 2020.
The Regulation S add-on is expected to close on Feb. 3.
Proceeds will be used to repay £100 million of amounts drawn under the company’s revolving credit facility and cancel £100 million of commitments across that revolver and its bilateral revolver, on a pro rata basis; replenish cash on balance sheet; and pay costs, expenses and fees in relation to the add-on and the refinancing transactions.
The company is a London-based provider of pay television, telecommunications, internet and mobile network services.
| Issuer: | TalkTalk Telecom Group plc
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| Issue: | Senior notes, add-on
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| Amount: | £110 million
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| Maturity: | 2025
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| Coupon: | 3 7/8%
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| Price: | 97.625
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| Pricing date: | Jan. 27
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| Settlement date: | Feb. 3
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| Rating: | S&P: B+
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| Distribution: | Regulation S
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| Total issuance: | £685 million, including £575 million issued on Feb. 20, 2020
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